Money and Credit
Excerpt:
What is money? That seems like a simple question. It’s mainly the green stuff in your pocket that you want more of, but it leads to all sorts of confusion in the economic world, with harmful results. It is the type of question that economics should define as easily as a core component of any other field of study, i.e. what is a meter? But the economic world is not a hard science, it’s a behavioral science that meshes less definable certainties with undefined behavioral qualities. In our current climate of commanded central bank intervention far beyond its legislated intent, these confusions become multiplied.
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